Rental Agreements?
Hello,
I am from Kansas and just purchased my first small park. (15 spaces) Nice park with paved street inside city limits. My question for all of you "experts" is:
Does anyone care to share copies of their rental agreements with me so that I can have ideas to create my own? If so, let me know.
Thanks,
CHRIS
Be careful to read up on your state laws relating to Landlord tenant laws, they are quite different for mobile home parks. The amount of time you give for notices,time schedules for capitol improvements,evictions timetables w/regards to moving a mobile home, ect.
You will need to be on top of this before you make out your rental agreements, not all agreements will work for you, so do your Due Diligence.
Good Luck,
Robert
All is quiet on the manufactured front?????????[ Edited by mcq on Date 02/07/2005 ]
I have no idea about your actual area, but it seems to me that if that is the going rate (115k) for a land/home deal, that you could probably put a mobile on your own land, refi. it for a cashout, and then rent it out or sell it on a contract for a much more profitable deal.
Scott
First...all value is local...here in tn. mfd. homes are a soft market...i bought one that appraised for 116k for 50k...2002 model 1950sq.ft....the biggest problem you will encounter is FINANCING...Lenders are gun shy even with land and on permanent foundations...if you can get by this hurdle you can profit ...however there is no way i would give full value or anywhere close to it under these circumstances...60% or less yes...otherwise be prepared to take a beating w/ exit strategy...just my 2 cents worth...regards, CWal